You must be a U.S. citizen, lawful permanent resident (green card holder), or pass the "substantial presence" test to be recognized as a U.S. resident for tax purposes. Some...
Your 1040sIf your income is over a specific amount, paying the federal income tax is mandatory. You might have to pay income tax in some states as well. The income tax rate is a matter...
A 401(k) plan can be an attractive way to invest because it gives employees the ability to increase their contributions before tax and tax-deferred income until retirement. According...
A flexible spending account (FSA) is a healthcare benefit account sponsored by the employer, which allows them to set aside $2,7750 every year to take care of the cost for medical...
One of the main advantages of life insurance is that payment to beneficiaries is free. Because life insurance benefits in the event of death can run into the millions of dollars, it's...
Getting a new car is an interesting process. New seats, new windows, the smell of a clean car - what's not to like about it? Buying a new car usually means getting rid of an existing...
People that are not married and do not qualify for other filing status have the single filing status as their default tax status. Your filing status affects many things like the...
When is the perfect time to give birth to a child during a tax year so as to claim that child as dependent on your tax return? You might be amazed by the answer: but anytime during...
This is a form of savings account in which the owner gets some type of tax advantage. The employer can establish a flexible spending account or flexible spending arrangement for its...